CHFJPY H1 Bearish Bat Pattern - 11 Oct 2011

11 Oct 2011

Bearish Bat pattern on CHFJPY hourly chart. This pattern is validate by 38.2% retracement of XA at B point and 88.6% retracement of AB at C point.

PRZ :
- 0.886XA @85.631
- 2.24BC @85.510
- 1.618AB=CD @85.050

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Posted in: Bat,Bearish,chfjpy

USDCHF H1 Bullish Bat Pattern - 11 Oct 2011

11 Oct 2011

Bullish Bat pattern on USDCHF hourly chart. This pattern is validate by 38.2% retracement of XA at B point and 78.6% retracement of AB at C point.

PRZ :
- 0.886XA @0.89620
- 2.24BC @0.89705
- 1.618AB=CD @0.90056.

Convergence of all important PRZ level at 0.8960-0.9005 give best opportunity to go long on this pair once the price action test the PRZ zone.

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Posted in: Bat,Bullish,USDCHF

AUDCAD H1 Bearish Bat Pattern - 15 Aug 2011

15 Aug 2011

Bearish Bat Pattern On AUDCAD Hourly Chart.

This pattern is validate by 50% retracement of XA at B point and 61.8% retracement of AB at C point.

PRZ :
0.786XA @1.0403.
2.24BC @1.0392.
1.27AB=CD @1.0392.

The convergence of all important fibonacci at 1.0390-1.0400 should provide a strong resistance for AUDCAD from predominat uptrend.

If we are looking on daily chart for this pair, we could summerize a strong uptrend was started on May 2010 without hesitating of a reversal sign. However this pair formed a double top at 1.0550. I will be looking to short  on this pair once price action is testing the PRZ. One thing to remember as the B point is below 50% retracement of XA, this pattern could formed to Crab pattern if PRZ unable to hold the strong predominant uptrend.

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Posted in: AUDCAD,Bat,Bearish

NZDUSD H1 Bullish Bat Pattern - 29 July 2011

29 July 2011

Bullish Bat Pattern On NZDUSD Hourly Chart.

This pattern is validate by 50% retracement of XA at B point and 88.6% retracement of AB at C point.

PRZ:
1.27AB=CD @0.8641.
1.618BC @0.8633.
0.886XA @0.8630.




UPDATE

Enter long position at 0.8635. This situation show a sharp reversal after price action testing the PRZ. I had exit my position at 0.8689. The reason is i just don't like hold my position on the last week of the month. As next week is new week of the month, there are many fundamental news which could easily change market sentiment very fast. Usually on 1st week of the month market tends to be indecisive and we could see wild swing as different surprises dominate market sentiment.On August 2 (Tuesday) also will be a deadline for congress to raise debt ceiling in US. Although price action manage to rally higher from my exit point i'm satisfied with this trade. This trade produce me a nice fast 54 pips profit.

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Posted in: Bat,Bullish,NZDUSD

AUDUSD H1 Bullish Bat Pattern - 29 July 2011

29 July 2011

Bullish Bat Pattern On AUDUSD Hourly Chart.

This pattern is validate by 0.50 retracement of XA at B point and 0.886 retracement of AB at C point.

PRZ:
1.618BC @1.0955
0.886XA @1.0948
1.618AB=CD @1.0944

For a summerize,AUDUSD is in the uptrend for quite a long time. This pair just formed a double top of all time high at 1.1075-1.1080.
Convergence of all important fib level at 1.0940-1.0955 will determine if this pair will continues in the predominant uptrend or should reversal is coming.We also have a demand zone at 1.0930-1.0940 just below the PRZ. I will be looking to go long on this pair on the price action testing the PRZ. One thing to remember as B point is below 50% retracement of XA, this pattern could be a Crab pattern if this Bat pattern is fail. However for a Crab pattern PRZ will be more extreme as important fib level will be at 1.618XA which is at 1.0840.

UPDATE

I had enter my long position at 1.0950. Price action struggling challenging PRZ for a few hours. I had been stopout at 1.0915 after PRZ is failed to hold price action from short term downtrend. However sharp reversal could be seen after my stoploss been hit. This is another case of pure friday stoploss hunt for me. I had lost -35 pips in this trade.

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Posted in: AUDUSD,Bat,Bullish

EURGBP H1 Bullish Bat Pattern - 7 July 2011

7 July 2011

Bullish Bat Pattern On EURGBP Hourly Chart.

This pattern is validate by 0.382 retracement of XA at B point and 0.50AB at C point.

Convergence of 0.886XA and 3.618BC at 0.8890 define a PRZ for this pattern, while extended 1.618AB=CD at 0.8920 complement the PRZ.

Extra caution if this trade is execute as B point is below 0.382XA this could be an alternate bat pattern. Although 0.886XA is primary retracement in bat pattern, price action could decline to 1.13XA for alternate bat to valid.
11 July 2011

 Trade Details :
Entry 1 : 0.8885
Entry 2 : 0.8863
SL        : 0.8830
Target 1 : 0.8940
Target 2 : 0.9000








UPDATE

Stopout at 0.8830.

Entry 1 : -55 pips loss
Entry 2 : -33 pips loss
Total    : -88 pips loss

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Posted in: Bat,Bullish,EURGBP

GBPCHF H1 Bullish Bat Pattern - 7 July 2011

7 July 2011

Bullish Bat Pattern On GBPCHF Hourly Chart.

This pattern is validate by 0.382 retracement of XA at B point and 0.618AB at C point. One thing to remember as B point is below 0.50XA this pattern could be a crab if the bat is failed.

The convergence of 0.886XA,2.24BC and 1.618AB=CD at 1.3310 define a PRZ from predominant trend. Demand zone at 1.3260-1.3300 mark all time low for this pair at the moment. I will be update this pattern on my twitter. Hopefully can get nice trade here.

Monthly Bullish Crab

Looking at monthly chart we could see bullish crab is being formed. However this pattern is still far away from complete as PRZ is at 1.1490 area. But it is worth to know how far this pair possibly go in the predominant downtrend. It is amazed to see in this pattern start to formed at 1996 and takes 15 years to complete.

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Posted in: Bat,Bullish,GBPCHF

EURJPY H1 Bearish Bat - 5 July 2011

5 July 2011

Bearish Bat Pattern On EURJPY Hourly Chart.

This pattern is validate by 0.500 retracement of XA at B point and 0.886AB at C point.

PRZ :

• 0.886XA @117.39
• 1.618AB=CD @117.46
• 2.00BC @117.84

Price action had test one time on PRZ and manage to hold from predominant uptrend. Supply zone in 117.50-70 also provide a strong resistance.I had entered this trade last week but got stopout on breakeven.Refer my last week trade here.  I will wait until second test of PRZ is finish,if PRZ manage to hold the price action from predominant uptrend this should give an opportunity to go short for this pair with stoploss just above the suppy zone. Follow me on my twitter for the updates.

UPDATE

Trade Details:
Entry : 117.40
SL     : 117.85 (45 pips)
Target 1 : 116.10 (130 pips)
Target 2 : 115.10 (230 pips)

Confluence of supply zone and PRZ at 117.50-117.70 manage to hold price action from predominant uptrend. This trade if successful potential to return 1:5 risk reward ratio.



6 July 2011

Exit partial position at 116.20 with 120 pips profit. I had add another position on the breakout of demand zone (116.15-30) and trendline break.

Trade Details :
Entry 2 : 116.01
SL       : 116.45
TP       : 115.25




UPDATE

Exit all position at 115.60.
Entry 1 : 180 pips profit.
Entry 2 : 41 pips profit.

Total this trade : 120+180+41= 341 pips profit.







8 July 2011

Trade Followup

Great entry,great exit,good pips..if i can make like this everyday every trade ... :)

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Posted in: Bat,Bearish,EURJPY

EURJPY H1 Bearish Bat Pattern

29 Jun 2011

Trade Details :
Entry : 116.97
SL     : 117.80 (83 pips)
Target 1 : 115.77 (120 pips)
Target 2 : 114.90 (207 pips)

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Posted in: Bat,Bearish,EURJPY

USDCHF H1 Bullish Bat Pattern

20 Jun 2011

Bullish Bat Pattern On USDCHF Hourly Chart.

• B point at 0.500XA retracement.
• C point at 0.618AB retracement.

PRZ Zone:

• Extended 1.27AB=CD at 0.8380.
• 0.886XA projection at 0.8370.
• 2.00BC projection at 0.8370.

PRZ zone is define by a convergence of 8.886XA and 2.00BC projection at 0.8370 and complement by extended 1.27AB=CD at 0.8380.
The PRZ zones was in the middle of two demand zone. The first one is 0.8380-0.8390 while the second is 0.8350-0.8360. Such a tight demand zone between PRZ should give a strong support for price action to reverse in the PRZ zone.

22 Jun 2011

Trade Details :Entry : 0.8374
SL     : 0.8340 (34 pips)
TP 1  : 0.8440 (66 pips)
TP 2 :  0.8480 (106 pips)


UPDATE : SL triggered at 0.8340 with -34 pips loss.


  


23 Jun 2011

USDCHF FollowUp.
Sharp reversal after hit SL.
Self Reminder : Take A Lesson From This Trade !!!

Lesson 1 : Always look for more bigger demand zone. There are demand zone at 0.8325-0.8340. SL should be put below bigger demand zone.





This trade show lack of preparation definitely cost me money. This pattern start show on 20 Jun 2011 and complete on 22 Jun 2011. I had 2 days to plan this trade.. !!!

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Posted in: Bat,Bullish,USDCHF

EURCAD H1 Bearish Bat Pattern

EURCAD H1 Bearish Bat Pattern

Bearish Bat Pattern On EURCAD Hourly Chart.

• B point at 0.500XA retracement.
• C point at 0.382AB retracement.

PRZ Zone:

• 0.886XA projection at 1.4064.
• 2.618BC projection at 1.4060.
• AB=CD at 1.4049.

PRZ Zone for bearish bat pattern is define by a convergence of 0.886XA projection and 2.618BC projection at 1.4060 and complement by AB=CD at 1.4050. There are also supply zone at 1.4060-1.4080 area. I will pay very attention on the retest of these suppy and PRZ zone. This trade should give at least 3:1 risk reward ratio.
One thing to remember as B point was at 0.500XA retracement,this pattern could complete at 0.886XA (Bat Pattern) or 1.618XA (Crab Pattern).

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Posted in: Bat,Bearish,EURCAD

EURUSD H1 Bullish Bat

15 Jun 2011

Bullish channel on EURUSD weekly chart. 

EURUSD is forming a bullish bat pattern on H1 chart exactly at the bottom of weekly bullish channel.

• B Point at 0.500XA retracement.
• C Point at 0.382AB retracement.

PRZ Zone :

• 0.886XA retracement at 1.4050
• 2.618BC retracement at 1.4030
• Extended 1.27AB=CD at 1.4020

PRZ Zone is below bottom bullish channel on weekly chart. This could signal high probability of false breakout on the weekly and uptrend continuing was on the way.

I will be looking to buy this pair on the retest of PRZ pivot level. This trade should give at least 4:1 risk reward ratio.

One thing to remember, as in this setup B point was at 0.500XA retracement, the pattern could be a Bat pattern or a Crab pattern. While PRZ we must use for Bat pattern is 0.886XA retracement,Crab pattern possess a more extreme PRZ which is 1.618XA retracement. This will make there are several entry possibility on this setup.

17 Jun 2011

After decline to 1.4070, just 40 pips above 0.886XA projection, EURUSD make a strong rally and close the week just below B point at 1.4320 which is about 200 pips. I did not take this trade as i'm waiting the price action to test the PRZ zone before execute my trade. This example show that not every harmonic patterns will produce a trade. The key point is every trade must be execute in the PRZ Zone, which sometime we will miss a good trade. But in my opinion it can filter a lot of bad trade.

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Posted in: Bat,Bullish,EURUSD